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I discovered this site by accident and all your postings are helpful. At the moment I am paying all my debts but I find I have no money left at the end of the month. I have started to use my credit cards for essentials like food etc and taking cash advances to shore up my current account.A rough calculation of my debts comes to about 40k!!..I am taking a long look at my life and see the spend was a result of deep unhappiness and loneliness..spend to make yourself feel better. I am addressing my emotional problems, however ignoring financial issues doesn't help. I would prefer not to change bank accts. Is that necessary??. I considered an IVA in the past but found it difficult opening an account with Lloyds Bank..they were most unhelpful,it put me off and applied for a loan,(big mistake)..Any help or advice would be appreciated

I really think that you ought to take advice from an insolvency practitioner as to your options. If you are now starting to rely on credit cards to pay for household and personal expenditure, your debt situation is only going to get worse. An IVA or a DMP might be suitable options if your believe that you have a debt problem, rather then just a debt management problem.

Why not draw up an income and expenditure account on a monthly basis for the next three months - including repayments to your creditors to see if you can afford to live without credit and maintain the contractual payments. You may have to make some sacrifices, but this will be far better than leaping straight into a formal insolvency process - although with debts of £40,000 I suspect this may be difficult.

There are several banks who will allow customers to have bank accounts if they are in IVAs.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hello Melanie, Thank you for replying so promptly. I have completed an enquiry form with your company and hope to hear from you soon. I am living on a budget,making my own lunches,shopping for bargains etc however with the debts it doesn't make a difference. I look forward to speaking with you soon.

I have another question. Just over half of my debt is with NatWest, a consolidation loan of 25k. My bank acct is also with them, I do not have an o/draft facility and they refuse to offer me a small o/draft,hence the use of cash advances. I would prefer not to be on bad terms with the bank and at the moment I am nearly 2 years into a 7 year loan term (pyts of 390 p/month) without any defaults. Will I have to change bank accts?..I have an unused b/acct with Abbey National.Would it be possible to use this account instead of NatWest?. What type of account will I have to open if I cannot stay with NatWest?..DebtFree Direct, the company I considered dealing with an IVA in the past said I would have to change accounts. Look forward to your replies.
Sending Peace and Love.

If you already have an account with the Abbey National, and no debts with them, then it is perfectly fine to use that account for your regular banking.

One of my Managers will be in touch with you as soon as possible to discuss your requirements.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hi Spreadlove and welcome to the forum, well done on starting to deal with your debt issues. I'm sure that Melenies team will be able to sort you out, best of luck.

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